Market Commentary

Updated on June 9, 2023 10:05:58 AM EDT

There is no relevant economic data or other relevant events set for release today. We don’t see a clear indication of why bonds are in selling mode this morning. It may be just a lack of relevant data now forces traders to prepare for next week.

Next week has plenty for the markets to digest, including several highly important economic releases and an FOMC meeting. The schedule starts Monday afternoon with the results of the 10-year Treasury Note auction and then progresses quickly in terms of importance and influence. The calendar includes two inflation indexes (CPI & PPI), a key measure of consumer spending and the much-anticipated FOMC meeting that includes revised economic projections. The bulk of the week’s activities are set for the middle days, meaning the most movement in rates should be midweek. Look for details on all of next week’s calendar in Sunday evening’s weekly preview.